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Financial News: Hong Kong Jobless Rate Accelerates In March

Hong Kong Jobless Rate Accelerates In March

04/21/2022 - 07:10:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment and underemployment rate accelerated in March, the labor force statistics from the Census and Statistics Department showed on Thursday.

The unemployment rate rose to a seasonally adjusted 5.0 percent in the three months to March from 4.5 percent during December-February period.

The underemployment rate increased to 3.1 percent in the three months ended in March from 2.3 percent in the preceding period.

The number of unemployed persons increased by around 26,900 to 188,500 in January-March. Over the same period, the number of underemployed persons also rose, around 27,800 to 117,000.

Meanwhile, total employment decreased about 54,000 to 3.61 million in the three months to March.

"While the labor market will still be subject to pressure in the near term, with the easing local epidemic situation of late, together with the launch of a new round of consumption vouchers, the business of the consumption-related sectors should gradually improve and thus support employment in these sectors," the Secretary for Labor and Welfare, Law Chi-kwong, said.

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